Skip to content

China’s Zeekr is revving up for an IPO in the US. What do we know?

China's Zeekr is revving up for an IPO in the US. What do we know?
Vinicius Barbosa

Global demand for Electric Vehicles (EVs) continuously increases, offering opportunities for well-capitalized manufacturers. In the meantime, Zeekr Intelligent Technology Holding disclosed listing documents for an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE).

Zeekr is the EV unit of Geely Auto, the Chinese multinational automotive company building premium electric vehicles. Notably, the company currently offers four models in Mainland China. It is a direct competitor to Tesla Inc. (NASDAQ: TSLA), Nio Inc. (NYSE: NIO), Xpeng Inc. (NYSE: XPEV), and Li Auto Inc. (NASDAQ: LI).

Interestingly, the IPO was filed in December 2022, targeting $1 billion, according to a South China Morning Post report on November 10. This Initial Public Offering in the United States aims to expand Zeekr’s product line to “compete for buyers in a hot market segment.”

“Fresh capital is needed by an EV start-up to strengthen its development capability and survive cutthroat competition, Zeekr has the potential to challenge Tesla and domestic rivals such as Nio and Xpeng after going public.”

— Ding Haifeng, a consultant at Shanghai financial advisory firm

Zeekr data pre-IPO in the NYSE

In the public filing for its IPO, Zeekr reported that its net loss for the first half of 2023 expanded by 25 percent year-over-year, reaching 3.87 billion yuan ($520.6 million). The company also disclosed that its revenue saw a significant increase, more than doubling to 21.3 billion yuan.

Additionally, Zeekr commenced its export operations to European markets at the beginning of the year. The company’s latest financing round evaluated it at $13 billion, which highlights the challenges of the $1 billion target in the NYSE IPO.

It is also worth mentioning that Li Shufu, founder and chairman of Geely Auto, owns 22.93% of Zeekr’s parent company.

This IPO would be a Chinese company’s first major public offering in the U.S. after 2021. All things considered, it will come at a favorable moment for the EV industry worldwide, as global EV adoption reached new highs in Q3 2023, surging to 11.8%.

Moreover, sources from Reuters believe that shares could be traded within weeks of Zeekr’s public announcement.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.